Elliott wave analysis of EUR/NZD for May 20 – 2015

Technical summary:

A decline in wave c was as strong as expected. We are looking for a continuation lower to below 1.4913 and ideally lower to 1.4725, which marks the 38.2% corrective target of wave (i). In the short term, we expect minor resistance at 1.5158 to be able to protect the upside for a break below minor support at 1.5083 confirming the next part of the decline towards 1.4725.

Trading recommendation:

We missed our short entry at 1.5265 as the sell-off from 1.5402 simply was too strong. We will concentrate on buying EUR near the target at 1.4725 now . We will place a EUR buy order at 1.4735 with stop at 1.4600.